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tiffyf210
New Member

What is this 6k standard deduction? i dont see it being summed to my tax return

 
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

What is this 6k standard deduction? i dont see it being summed to my tax return

Your standard deduction lowers your taxable income.  It is not a refund 

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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3 Replies
xmasbaby0
Level 15

What is this 6k standard deduction? i dont see it being summed to my tax return

Your standard deduction lowers your taxable income.  It is not a refund 

2017 Standard Deductions

Single    $6350  (65 or older + $1550)

Married Filing Separately   $6350  (65 or older +  $1250)

Married Filing Jointly           $12,700  (65 or older + $1250@)

Head of Household $9350  (65 or older + $1550)


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
tiffyf210
New Member

What is this 6k standard deduction? i dont see it being summed to my tax return

Does this imply that if i make approx 30K a year and I am single, the amount of taxable income will be 30-6= 24K approx?
xmasbaby0
Level 15

What is this 6k standard deduction? i dont see it being summed to my tax return

If you are single and are not being claimed as anyone else's dependent, you get a $4050 personal exemption and a $6350 standard deduction, which means that $10,400 of your income is not taxable.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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